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PADUCAH, Ky., October 04, 2021--(BUSINESS WIRE)--Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors authorized a $10.0 million increase in the Company’s share repurchase program.
"This expansion of our share repurchase program follows the recent 8.0% increase in our quarterly cash dividend," stated Executive Chairman Steven A. Powless. "We believe our cash dividend and stock repurchase programs are important to building long-term shareholder value, and the recent increases highlight the Board’s confidence in the future of the Company."
The $10.0 million increase in the share repurchase program brings the total to $130.0 million since CSI’s share repurchase program was initially announced in March 2004. CSI has repurchased approximately $118.2 million of the Company’s shares as of the close of its second fiscal quarter, ended Aug. 31, 2021. The Company had approximately $1.8 million remaining under existing stock purchase authorizations as of Aug. 31, 2021. The share repurchase program may be carried out through open market purchases, block trades and in negotiated private transactions.
"We believe CSI’s stock represents an attractive investment at current prices in light of our earnings growth, solid cash flow from operations and total return to shareholders. Over the past 10 years, our cash dividend has grown at a compounded rate of 15.9%, and our total return to shareholders has averaged more than 21% annually. We believe these records highlight our focus on growing shareholder value and CSI’s long track record of financial performance," concluded Powless.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, digital banking, managed services, payments processing, print and electronic document distribution, and regulatory compliance solutions to financial institutions and corporate customers, both foreign and domestic. Management believes exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the Company’s inclusion in such top industry-wide rankings as IDC Financial Insights FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers lists. CSI has also been recognized by Aite Group, a leading industry research firm, as providing the "best user experience" in its 2019 AIM Evaluation: The Leading Providers of U.S. Core Banking Systems. In addition, CSI's record of increasing its dividend each year for 50 years has earned it a designation as one of the financial media’s "Dividend Aristocrats." CSI’s stock is traded on OTCQX under the symbol CSVI. For more information, visit csiweb.com.
This news release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements except historical statements contained herein constitute "forward-looking statements." Forward-looking statements are inherently uncertain and are based only on current expectations and assumptions that are subject to future developments that may cause results to differ materially.
Readers should carefully consider: (i) economic, competitive, technological and governmental factors affecting CSI’s operations, customers, markets, services, products and prices; (ii) risk factors affecting the financial services information technology industry generally including, but not limited to, cybersecurity risks that may result in increased costs for us to protect against the risks, as well as liability or reputational damage to CSI in the event of a breach of our security; (iii) risk factors affecting the United States economy generally including without limitation acts of terrorism, military actions including war, and viral epidemics and pandemics that alter human behaviors, including the COVID-19 pandemic and its effect on our business operations and financial results; (iv) increasing domestic and international regulation imposing burdensome requirements regarding the privacy of consumer data especially consumer financial transaction data of which CSI possesses substantial quantities; and (v) other factors discussed in CSI's Annual Reports, Quarterly Reports, news releases and other documents posted from time to time on the OTCQX website (www.otcmarkets.com), including without limitation, the description of the nature of CSI's business and its management discussion and analysis of financial condition and results of operations for reported periods. Except as required by law or OTC Markets Group, Inc., CSI undertakes no obligation to update, and is not responsible for updating, the information contained or incorporated by reference in this report beyond the publication date, whether as a result of new information or future events, or to conform this document to actual results or changes in CSI's expectations, or for changes made to this document by wire services or Internet services or otherwise.
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Brian K. Brown, CFO
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